EURUSD Weekly Analysis – January 5, 2014

EURUSD broke below 1.3625 support, suggesting that the upward movement from 1.3296 had completed at 1.3892 already. Deeper decline would likely be seen, and the target would be at the lower line of the price channel on daily chart. As long as the channel support holds, the uptrend from 1.2756 could be expected to resume, and one more rise towards 1.4500 is still possible. Only a clear break below the channel support could signal completion of the uptrend.